Market Management Limited - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: 03682650 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Market Management Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D Papper

N Papper

REGISTERED OFFICE:

Cranworth

The Parade

Birchington

Kent

CT7 9LT

REGISTERED NUMBER:

03682650 (England and Wales)

ACCOUNTANT:

Austin,Taylor

16 Dover Street

Canterbury

Kent

CT1 3HD

CURRENT ASSETS

Debtors

6

935,054

28,150

Cash at bank

23,745

616,588

958,799

644,738

CREDITORS

Amounts falling due within one year

7

116,269

91,348

NET CURRENT ASSETS

842,530

553,390

TOTAL ASSETS LESS CURRENT LIABILITIES

842,530

553,390

PROVISIONS FOR LIABILITIES

-

107

NET ASSETS

842,530

553,283

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

841,530

552,283

SHAREHOLDERS' FUNDS

842,530

553,283

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 December 2023 and were signed on its behalf by:

N Papper - Director

1.	STATUTORY INFORMATION

Market Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents amounts receivable for services supplied during the year. Commission income is recognised when it becomes payable to the company.

Trademarks

Intangible assets are measured at cost less its residual value and amortised on a systematic basis over its useful economic life with an annual impairment review.

Trademarks - 5% on cost

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixture & Fittings

-

25% on cost

Equipment

-

33% on cost

Financial instruments

Debtors

Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the profit and loss account when there is objective evidence that the asset is impaired.

Cash at bank and in hand

These comprise cash at bank and other short-term highly liquid bank deposits with an original maturity of three months or less.

Trade Creditors

Trade creditors are not interest bearing and are stated at their nominal value.

Loans

Loans, are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2022

and 31 March 2023

40,000

AMORTISATION

At 1 April 2022

and 31 March 2023

40,000

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.	TANGIBLE FIXED ASSETS

Fixture &

Fittings

Equipment

Totals

£

£

£

COST

At 1 April 2022

and 31 March 2023

7,345

26,149

33,494

DEPRECIATION

At 1 April 2022

and 31 March 2023

7,345

26,149

33,494

NET BOOK VALUE

At 31 March 2023

-

-

-

At 31 March 2022

-

-

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Amounts owed by group undertakings

935,054

-

Directors' loan accounts

-

28,150

935,054

28,150

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Amounts owed to group undertakings

-

11,293

Tax

77,176

63,329

Social security and other taxes

24,524

14,386

Directors' loan accounts

11,856

-

Accruals and deferred income

2,713

2,340

116,269

91,348

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23

31.3.22

£

£

D Papper and N Papper

Balance outstanding at start of year

28,150

(2,560

)

Amounts advanced

2,751

73,962

Amounts repaid

(42,757

)

(43,252

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(11,856

)

28,150

The loan to the director's has an annual interest charge of 2.00% (2022: 2.00%). The maximum outstanding during the year was £30,202.

During the year the company paid dividends £2,000 (2022: £10,000) to Mrs N Papper.

9.	RELATED PARTY DISCLOSURES

At the year end the company was owed £935,054 (2021: £11,293 owed Specialty Underwriting Managers Ltd) Specialty Underwriting Managers Ltd is a company which Mr D Papper has a material shareholding. The loan is unsecured, interest free and repayable on demand. The balance is disclosed within amounts owed to group undertakings.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Specialty Underwriting Managers Limited.